Posts Tagged ‘HAMP’
Posted by Larry Doyle on June 17th, 2013 8:45 AM |
Would you ever want to do business with an individual or an entity that lied to you? Probably not, right?
Should we add Bank of America to the list of those entities (financial institutions, regulators, our government) that have been less than forthright in engaging those with whom it was saying one thing but doing something entirely different?
A cursory review of the testimony I highlighted this past Friday, Bank America Mortgage Racket: We Were Told to Lie, might give many who read that commentary considerable reason to pause before engaging BofA. (more…)
Tags: BAC mortgage modification, BAC mortgage refi, Bank America mortgage, Bank of America Mortgage, Bank of America mortgage modification lying, BofA Mortgage, HAMP, HAMP Obama administration, lying about mortgage modification, lying in HAMP program, modifying mortgages under HAMP, Mortgage Crisis, mortgage foreclosures, mortgage servicing lying, Neil Barofsky Bailout foam the runway, Obama program to support housing, rent seeking, Simone Gordon, support for housing
Posted in Bank of America, General, HAMP, Mortgage Crisis, Mortgages | 6 Comments »
Posted by Larry Doyle on June 14th, 2013 9:02 AM |
Not that we needed any further evidence of the racketeering enterprises run within the mortgage operations on Wall Street, but with the recently delivered testimony of Simone Gordon, a senior collection officer within Bank of America’s mortgage ‘racket’ . . . we got it.
I first questioned whether the activities within the mortgage servicing enterprises on Wall Street rose to the level of racketeering in early 2011 after having becoming aware of Wall Street’s practice of robo-signing mortgage documents in order to engage in the fraudulent conveyance of countless mortgages. (more…)
Tags: BAC mortgage operation, Bank of America mortgage racket, Bank of America mortgage servicing, HAMP, Home Affordability Modification Program, mortgage modification fraud, Neil Barofsky Bailout, robo-signing, Sheila Bair Bull by The Horns, Simone Gordon, Simone Gordon Bank of America, Simone Gordon testimony, Tim Geithner HAMP, Wall Street-Washington incest, who is Simone Gordon
Posted in Bank of America, General, HAMP, Mortgage Crisis, Mortgages, Wall Street, Wall Street Washington Incest | 11 Comments »
Posted by Larry Doyle on June 1st, 2011 9:30 AM |
While various and sundry soothsayers have been touting the relative merits of our housing market for the last few years, I did not have a constructive comment about housing until just six weeks ago when I wrote, Is It Getting Time To Buy a House?. Housing price data released yesterday confirmed that our nations’ housing market has, in fact, suffered a double dip.
Is my positive commentary on housing premature and akin to ‘catching a falling knife’? Why was I negative for so long? Why do I think the bottoming process will be prolonged? What do I see as a compelling reason why homeownership is becoming increasingly attractive? Let’s navigate.
1. Why was I negative for so long? (more…)
Tags: Capital Economics, cooking the books, factors supporting homeownership, factors to consider before purchasing a home, HAMP, home equity, homeownership, housing double dip, housing overhang, how long will it take housing to bottom, is it time to buy a home, liquidity of owning a home, median mortgage payments, mortgage debt, mortgage finance, Nothing Going Up But The Rent, owning vs renting, renting vs buying, should I buy a home now, size of shadow housing inventory, U.S. housing market, underwater mortgages, when will housing rebound
Posted in General, Housing Crisis, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 4 Comments »
Posted by Larry Doyle on October 22nd, 2010 11:23 AM |
What the hell is truly going on within the entire mortgage foreclosure fiasco? There are seemingly more angles to this mess than there ever were choices of mortgage products themselves. Where can we turn to make some ‘sense’ of this madness? Let’s check in with the crowd on the cutting edge of this sinkhole, that is our friends at 12th Street Capital. Today they write,
Not surprisingly the ones that look to be best positioned during this mortgage foreclosure/put back fiasco are the lawyers. As reported by HousingWire.com late yesterday, “A spokesperson for the New York law firm Quinn, Emanuel Urquhart & Sullivan confirmed to HousingWire it has been hired by the Federal Housing Finance Agency, a move some say means the government-sponsored enterprises are going after bad mortgages it bought from originators.” Guess what, the GSEs have ALWAYS pursued repurchases. (more…)
Tags: 12th Street Capital, 12th Street Capital subsidiary of GFI, Federal Housing Finance Agency, FHFA, foreclosures, HAMP, Housingwire.com, Larry Doyle, Mortgage Crisis, mortgage foreclosure fiasco, mortgage mess, mortgage servicers, mortgage trustees, Mortgages, Obama, Pimco and Blackrock, Quinn Emanuel Urquhart and Sullivan, repurchase of mortgages, securitization process, Sense on Cents, Uniform Commercial Code, what is a REMIC
Posted in 12th Street Capital, General | 7 Comments »
Posted by Larry Doyle on October 13th, 2010 12:32 PM |
What is really going on in regard to the moratorium on mortgage foreclosures? A lot. Not all of it would qualify as the best of “sense on cents.” My thoughts include the following:
1. Can we now declare the HAMP (Making Home Affordable) program to be totally futile? How is it that everybody on Wall Street and in Washington is now promoting that the economy will be harmed if we forestall the mortgage foreclosure process? What the hell have the wizards in Washington been doing via HAMP and through Freddie and Fannie for the last 18 months? The simple fact is our policy makers have done everything in their power to inhibit the markets from working. Now, all of a sudden, they become proponents of free market principles? Were we born yesterday? Not here at Sense on Cents.
I have continually harangued our Washington politicos for not allowing the housing market to clear, and highlighted how forestalling that process would only prolong our economic pain. We’re feeling that pain now and will be for the foreseeable future.
2. Where are we going with this moratorium? (more…)
Tags: ally bank, Bank of America moratorium on mortgage foreclsoures, HAMP, JP Morgan, kicking the can down the road, Larry Doyle, moratorium on mortgage foreclosures, mortgage cram-downs, mortgage foreclosure crisis, principal forgiveness, Sense on Cents, violating moral hazard
Posted in foreclosures, General | 13 Comments »
Posted by Larry Doyle on August 11th, 2010 7:17 AM |
Have executives at Fannie Mae worked to benefit their own financial interests versus promoting the well being of American taxpayers and homeowners looking to permanently modify their mortgages? Is Fannie Mae merely a perpetual train wreck or has something even more nefarious gone on inside the halls of our national stepchild?
In recently reviewing The Center for Public Integrity, I was not shocked — but certainly dismayed — to read Whistleblower: Fannie Mae Bungled HAMP Anti-Foreclosure Program,
Fannie Mae executives bungled their stewardship of the federal government’s massive foreclosure-prevention campaign, creating a bureaucratic muddle characterized by “mismanagement and gross waste of public funds,” according to a whistleblower lawsuit by a former Fannie Mae executive and consultant. (more…)
Tags: caroline herron lawsuit, Center For Public Integrity, Fannie Mae, FNMA, Franklin Raines, government waste, HAMP, Mortgage Crisis, mortgage modification, wasting taxpayer money, wealth redistribution, Whistleblower: fannie Mae Bungled HAMP Anti-Foreclosure Program, who is caroline herron
Posted in Fannie Mae, General, Mortgage Crisis, Mortgages | 1 Comment »
Posted by Larry Doyle on June 10th, 2010 11:21 AM |
As day follows night, financial fraud follows economic distress. God forbid people try to make an honest living as opposed to seizing opportunities to make a dishonest buck. This financial artifice is on display in the short sales of homes throughout our country.
Bloomberg highlights this fraudulent activity in reporting, Banks Face Short-Sale Fraud as Home ‘Flopping’ Schemes Spread:
Two Connecticut real estate agents found a way to profit in the U.S. housing bust: Buy low, sell fast. Their tactic was also illegal. (more…)
Tags: Anna McElaney, California Department of Real Estate, Fannie Mae, fraud in house flopping, Freddie Mac, HAMP, house flopping, how to flop a house, mortgage modifications, Neil Barofsky, payoffs and kickbacks, Sergio Natera, short sales and home flopping, what is house flopping
Posted in General | 2 Comments »
Posted by Larry Doyle on April 14th, 2010 10:10 AM |
Charity is one thing. Throwing good money after bad is an entirely different can of worms.
Is the Obama administration’s housing policy trying to be charitable in support of those who have truly fallen on hard times and need government assistance, or is it more redistributing wealth to those who made unwise financial decisions from the outset? Do Obama and team know the difference? (more…)
Tags: 12th Street Capital, Barney Frank, cash out refis, consumer credit problems, Elizabeth Warren, Foreclosure-Prevention ProgramStruggles to Make Impact, HAMP, jeb Hensarling, loan modifications, Mortgage Crisis, mortgage foreclosures, Obama Administration, Obama housing policy, redistributing the wealth, Sense on Cents, sub-prime mortgage lending, wealth redistribution by Obama, you are a sucker
Posted in General, Housing Crisis, Mortgage Crisis, Mortgages | 4 Comments »
Posted by Larry Doyle on March 31st, 2010 11:08 AM |
A new release by the SIGTARP (Office of the Special Inspector General for the Troubled Asset Relief Program) is exceptionally enlightening in detailing how a likely significant percentage of those homeowners who entered the trial mortgage modification process gamed the system.
Once again, major high five to our friends at 12th Street Capital for sharing this report and providing insightful commentary. As 12th Street points out this morning:
With all of the hoopla surrounding the government and Bank of America announcements to push principal forgiveness to the top of the waterfall for mortgage modification triage, it would have been easy to miss the latest report from the SIGTARP (Special Inspector General of TARP). I have attached the report here and would encourage you to print it out and read it. (more…)
Tags: 12th Street Capital, gaming the modification program, HAMP, healthcare reform, how has HAMP worked, mortgage modification program, mortgage servicers in HAMP, Mortgages, permanent mortgage modifications itons, principal reduction program, redefaults in mortgage modifications, SIGTARP, size of HAMP, stated docs vs written docs, TARP, Tim Geithner, Treasury, trial mortgage modifications, volume of mortgage modifications, what is HAMP
Posted in General, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 11 Comments »
Posted by senseoncents on February 26th, 2010 10:57 AM |
Great minds think alike. On the heels of my initial morning commentary regarding my belief that housing will remain under pressure, my friends at 12th Street Capital shared a recently released report from Moody’s on the residential mortgage market.
What does Moody’s see? A foreclosure bubble. Ouch!!
Moody’s writes:
HAMP, Moratoriums, and Court Delays Expand Foreclosure Bubble: >>>>> (more…)
Tags: and Court Delays Expand Foreclosure Bubble, HAFA, HAMP, Home Affordable Foreclosure Alternative, housing inventory, Moody's, Moody's report on housing, Moody's report on mortgages, Moratoriums, mortgage defaults, mortgage delinquencies, mortgage foreclosures
Posted in foreclosures, General | No Comments »
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